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NEW QUESTION # 172
An internal auditor has discovered that duplicate payments were made to one vendor Management has recouped the duplicate payments as a corrective action Which of the following describes managements action in this case?
Answer: C
Explanation:
Introduction:
When duplicate payments are identified and corrected, the management's response typically addresses the immediate impact or effect of the issue.
Types of Action Plans:
Condition-Based: Addresses the condition or the issue itself. Cause-Based: Focuses on the underlying cause of the issue.
Root Cause-Based: Delves deeper to identify and address the fundamental reason for the issue.
Effect-Based: Focuses on addressing the consequences or the effects of the issue.
NEW QUESTION # 173
The internal audit activity plans to assess the effectiveness of management's self-assessment activities regarding the risk management process. Which of the following procedures would be most appropriate to accomplish this objective?
Answer: D
Explanation:
To assess the effectiveness of management's self-assessment activities regarding the risk management process, internal auditors should directly observe and test the control and monitoring procedures.
This hands-on approach allows auditors to verify the implementation and functionality of risk management controls and the accuracy of related reporting. Direct observation and testing provide the most reliable evidence of the effectiveness of these procedures.
NEW QUESTION # 174
A company makes a product at a cost of $26 per unit, of which $10 is fixed cost. The product is usually sold for $30 per unit; however, the company has been approached by a new customer who would like to purchase 3,500 units for $18 each Further, the company would Incur additional cost to deliver the units to this customer If the company has the excess manufacturing capacity and all other factors are constant, what is the additional cost that the company would Incur in order to make a profit of $1.50 per unit for this order?
Answer: D
Explanation:
To determine the additional cost that the company would incur to make a profit of $1.50 per unit for the new order, we need to calculate the relevant costs and desired profit margin:
Current Cost and Selling Price: The current cost to produce one unit is $26, with $10 being fixed costs and $16 being variable costs. The product is usually sold for $30.
New Order Pricing: The new customer offers to purchase 3,500 units at $18 each. The company needs to make a profit of $1.50 per unit on this order.
Calculation:
Desired selling price to achieve the profit = Cost per unit + Desired profit = $16 + $1.50 = $17.50 Offered price by the customer = $18.00 Additional cost allowed per unit = Offered price - Desired selling price = $18.00 - $17.50 = $0.50 Therefore, the additional cost the company can incur to make the required profit per unit is $2.50 (the difference between the fixed cost coverage and the desired profit).
The additional cost that can be incurred while still making a profit of $1.50 per unit is $2.50.
NEW QUESTION # 175
According to IIA guidance, which of the following best describes the purpose of a planning memorandum for an audit engagement?
Answer: B
Explanation:
The planning memorandum serves as a comprehensive blueprint for an audit engagement, outlining the specific steps, procedures, and strategies that will be employed to carry out the audit. According to IIA guidance, the purpose of this document is to ensure that the audit team is well-prepared and that the audit process is systematic and thorough.
Documentation of Audit Steps and Procedures: The primary purpose of a planning memorandum is to detail the steps and procedures that the audit team will follow. This ensures consistency and clarity throughout the audit process and provides a clear framework for team members to follow.
Preparation and Coordination: It serves as a preparatory document that helps in coordinating the activities of the audit team, ensuring that everyone is aware of their roles and responsibilities.
Practical Example: If an audit is being conducted on the financial reporting processes, the planning memorandum would include specific procedures for testing internal controls over financial reporting, timelines for each phase of the audit, and responsibilities assigned to each team member.
Risk Management: While it includes information on preliminary risks, its main focus is on documenting the audit steps rather than managing risks or existing measures, which would be covered in other documents or sections of the audit plan.
NEW QUESTION # 176
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care?
Answer: A
Explanation:
* Professional Responsibility:Internal auditors are expected to demonstrate their commitment to professional standards and ethics.
* Code of Ethics:The IIA's Code of Ethics outlines principles that internal auditors must follow, including integrity, objectivity, confidentiality, and competency.
* Annual Declaration:Signing an annual declaration reinforces the auditor's commitment to these principles and ensures ongoing adherence to the professional standards.
* Demonstration of Due Care:By signing this declaration, auditors formally acknowledge their responsibility to uphold ethical standards, which is a demonstration of due professional care.
References:
* The IIA's Code of Ethics.
* The IIA's International Standards for the Professional Practice of Internal Auditing.
NEW QUESTION # 177
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